The World Economic Forum’s 2023 Global Risk Report found that the cost-of-living crisis, high inflation and commodity price surges pose short-term challenges to business continuity and economic growth in the UAE.
The study also found that the coronavirus pandemic and conflict between countries puts geopolitical competition for strategic resources, geo-economic confrontation and the failure of cybersecurity measures at the forefront of business leaders’ fears in the Emirates.
The report calls on business leaders in the UAE to integrate environmental, social, governance and cybersecurity frameworks into corporate strategy to mitigate risks.
In an interview with Al-Arabiya, Marsh UAE CEO Ayman Al-Hout said the study included a survey of 1,300 experts around the world working in governments and financial institutions, as well as a number of academics.
He added that the questionnaire covers the expectations of 18,000 executives and experts in each country.
Al-Hout explained that the high cost of living ranks first among the risks and challenges in the UAE and a large number of countries around the world.
Al-Hout pointed out that companies are resorting to providing additional benefits, improving the working environment and changing the working system to be a mixture of remote work and work from home.
